UK house prices stagnate

The latest house price survey has revealed that UK property prices were unchanged in April.

The Nationwide building society’s latest figures put the average house price at just under £122,800, a clear sign that house price inflation has dipped dramatically.

Commenting on the figures Alex Bannister, Nationwide's Group Economist said: "House prices remained unchanged during the month of April as the trend towards slower house price inflation continued.

“The annual rate of change slowed to 22.2% from 26.2% in March, in line with our expectation that the market would see a moderation in 2003. House prices over the last three months have risen at their slowest pace since December 2001 and the market is clearly less frenetic than April last year when prices jumped 3.3%."

However, Mr Bannister said that there was “no evidence of a damaging correction at this stage”.

He said: “We expect price growth to return to 0.5-1.0% over the next few months but remain below the level seen during April-September last year when prices rose by an average of 2.4% per month.

“A steady monthly rise of 0.7% per month would reduce the annual rate of change to 10% by December - in line with our current forecast.”

In April the Hometrack national April survey of the housing market reported a 0.1% fall in house prices.

This is the eleventh month of a steady decline in house price inflation – a clear sign that the UK property boom is over.


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